Business

ING to sell 26.5 million shares of U.S. unit after earlier retraction

AMSTERDAM — ING U.S. said its Dutch parent company, ING Groep NV, plans to sell 26.5 million shares, further cutting its stake in the U.S. retirement, investment and insurance company.

The Amsterdam financial-services company expects to sell 7 million additional shares back to ING U.S., or about $250 million in shares, according to an ING Groep spokesman. This results in about 33.5 million shares, or about $1.2 billion.

Earlier Tuesday, ING Groep announced the stock sale of 12 percent of its U.S. unit and then said the information was released "prematurely and erroneously."

About an hour after the "premature" notice, ING Groep put out a news release instructing investors to ignore information about the potential share sale "until further notice." Raymond Vermeulen, an ING spokesperson, said Tuesday's initial announcement was the result of an error on the part of one employee with ING in Amsterdam.

ING continues to divest itself of shares in the U.S. unit, aiming to shed the remaining stake in by the end of 2015.

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